AIG and Congress

I'm quite certain that I'm not the first person to voice this opinion, but I don't read extensively in the blogosphere. Therefore, I will proceed.

I understand why people are upset to learn of AIG's plan to give over $165 million in bonuses to certain executives. However, Congress unjustly hassled AIG's CEO, Edward Liddy, for these bonuses. Several congressmen have demanded Liddy hand in his resignation.

First of all, Liddy did not design nor approve these bonuses. They were established by contract before he became CEO. Perhaps congressmen need to learn what a contract means. Liddy hasn't the power to nullify the contracts, so giving him grief over what he didn't create and cannot end amounts to ridiculous grandstanding.

Secondly, Liddy has no reason--as far as I can see--to resign. He did not lead the company into the abyss. He became CEO after AIG fell apart. He's clearly not to blame.

Thirdly, Liddy's salary is $1; even though he doesn't own the company.

According to congress, this $1 salary is, converted into hours, well below the minimum wage.

But fine, Liddy has other benefits.

And to my point.

Congress has done jack-shit for years. Its members don't deserve a salary beyond what CEO's make. So, before the next SOB who managed to get elected on the basis of his BS rips on a man making a $1 salary, let Congress vote to reduce their own salaries to $1. Like Liddy, they'll still receive residual benefits.

But Congress won't do this, and why not? Because they are a bunch of hypocritical, grandstanding, POS POSes.

Somehow, these people in Congress think that they have done something to earn their wages.

In fact, they've done nothing more than to earn our contempt.

But the mass of men are too stupid to make this clear.

Alas.

We are the hollow men
We are the stuffed men
Leaning together
Headpiece filled with straw. Alas!
--T.S. Eliot